The Unpaid Fines Report is for information purposes only and is updated on a quarterly basis. The report lists individuals who failed to pay fines, disgorgement, or the costs imposed as a result of an enforcement proceeding before a CIRO Hearing Panel (or a prior IIROC or MFDA Hearing Panel).
Updated as of June 30, 2026
Unpaid Fines Report
| Individual | Date of Penalty Decision or Settlement Agreement | Amount of Fine, Disgorgement (if any) and/or costs | Province | Amount Paid |
|---|---|---|---|---|
| Loyola, Ilden | 2 June 2021 | $65,000 | AB | None |
| Lui, Ken Kin Kit | 24 July 2025 | $795,947 | ON | None |
| Lui, Punch Bun Chiu | 12 July 2012 | $157,500 | ON | None |
| Lukiwski, George Maxim | 22 December 2023 | $27,500 | SK | None |
| Macaraeg, Dandy | 24 June 2014 | $160,000 | ON | None |
| MacArthur, James | 8 May 2017 | $60,000 | ON | None |
| MacDermaid, Edward | 4 October 2021 | $10,000 | NB | None |
| MacDonald, Craig | 7 October 2015 | $12,500 | MB | None |
| MacDonald, Michael | 7 November 2007 | $57,500 | ON | None |
| MacDonald, Richard Allan | 9 November 2012 | $43,000 | AB | Partial |